Bascom sells 63-unit apartment complex in Glendale for $20M

It’s nowhere near Melrose Place, but it’s got the moniker.

Private equity firm Bascom Group sold its Glendale apartment complex known as 1001 Melrose for $20 million. 

An entity registered to Olympic Town, which is linked to Jin Lee of JinLee Properties near Koreatown, shelled out roughly $318,000 per unit for the building at 303 W. Glenoaks Boulevard. 

Bascom purchased the 63-unit property in 2013 for $12.5 million from Granite Investment Group of Irvine, the San Fernando Valley Business Journal reported. 

Originally built in 1962 as a motel, the property was converted several decades ago to a four-story apartment building offering studios, one-, two- and three-bedroom units. Amenities include a rooftop gym, pool, recreation room and business center, according to the Business Journal.

Bascom invested $1.3 million in renovations over the last four years to retrofit the building and update its common areas.